It depends on where you live. In Phoenix? Maybe think about buying.
What's the better deal: Buying a home or renting one? The real estate website Trulia gets to the heart of the matter with an interactive infographic that shows you which parts of the country have better markets for home buyers (Jacksonville, Phoenix) and which metropolitan areas favor renting (Los Angeles, New York).
The premium we Americans have put on home ownership almost certainly contributed to our current financial crisis, and the myth that you need to own a home to be happy is one that ought to be busted. That said, home ownership seems pretty attainable for people with stable jobs in a few parts of the country.